~ By Charmaine Mirza
There’s no sale without scale. Or at least not in the virtual world. Ladies and gentlemen, grab your mouse tightly – the great e-commerce chess game has begun.
As the Amazonian giant from the USA makes its great leap into the subcontinent, local e-commerce players in India, such as Flipkart and Snapdeal are scrambling. But wait – there just maybe a silver lining in the offing, as China rubs its magic lamp and produces an investor in the form of Alibaba.
In a dramatic move that has swiveled eyeballs in the FinTech world, Alibaba has agreed to double up on its investment – putting down 1,100 crore (Approx. US$177 million) to increase its stake in PayTM, and more significantly, launch PayTM Mall, a direct rival to homegrown e-commerce players.